Equities in Canada were poised for a muted open on Tuesday as big lenders reported declines in quarterly profits and stockpiled rainy-day funds on economic uncertainty, with investors also watching mixed commodity prices.
The TSX climbed 40.94 points to conclude Monday at 20,260.13.
March futures on the S&P/TSX index were down 0.01% Tuesday morning.
The Canadian dollar inched up 0.05 cents to 73.71 cents U.S.
Bank of Montreal and Bank of Nova Scotia reported a drop in first-quarter profits and prepared for consumers slipping on payments amid rising concerns of a recession.
Baytex Energy agreed to buy U.S. peer Ranger Oil Corp for $2.5 billion including debt, as it looks to boost its presence in South Texas' Eagle Ford shale basin.
Imperial Oil said it is reducing the number of contractors working at its Kearl oil sands site as part of measures to cut operating costs at the project.
On the economic slate, Statistics Canada reported that our Gross Domestic Product was nearly unchanged in the fourth quarter, following five consecutive quarterly increases.
ON BAYSTREET
The TSX Venture Exchange grabbed 7.97 points, or 1.3%, Monday to 624.83.
ON WALLSTREET
Stocks futures rose Tuesday as investors braced for the final trading day of February.
Futures for the Dow Jones Industrials took on 94 points, or 0.3%, early Tuesday to 33,003.
Futures for the S&P 500 gained 13.75 points to 4,001.75.
Futures for the NASDAQ Composite climbed 52.75 points, or 0.4%, to 12,136.
Zoom Video popped 6.4% on strong earnings, while Target rose 1.3% after the retailer posted its latest quarterly figures.
Tuesday marks the last day of February. Despite a solid start to the year, the major indexes are on pace for their second negative month in three. As of Monday’s close, the Dow is down 3.5% for the month and the only major index negative for the year. Both the S&P 500 and NASDAQ are positive in 2023, but the S&P is down 2.3% and the NASDAQ off 1% in February.
On the economic front, investors also await consumer confidence data, wholesale inventories, Chicago PMI and the S&P Case-Shiller home prices index.
In Japan, the Nikkei 225 index inched up 0.1%, while in Hong Kong, the Hang Seng retreated 0.8%.
Oil prices grabbed $1.50 to $77.18 U.S. a barrel.
Gold prices sagged $8.90 to $1,816.00 U.S. an ounce.
Futures Up as February Comes to Close
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